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Revere Medical 300 S Phelps Dr 6,054 SF Office Building Apache Junction, AZ 85120 $3,500,000 ($578.13/SF) 6.27% Cap Rate
Investment Highlights
- - 9 Years Remaining on Original 15 Year Lease
- - Total Hard Cost of Renovation Over $800,000 Including New Roof, HVAC and Parking Lot
- - Annual 2.5% Rental Increases
- - Remodeled to Tenants Specifications in 2020
- - Tenant Improvement Contribution over $150,000
- - Strategically Located Offering Access to Underserved Populations | Market Leading Provider for Value-Based Primary Care
Executive Summary
This property is subject to an original 15-year lease with 9 years remaining. The facility was remodeled to the tenant’s specifications in 2020, with total hard renovation costs exceeding $800,000, including a new roof, HVAC system, and parking lot improvements. Additional tenant improvement contributions exceeded $150,000. The lease features annual rental increases of 2.5%. The property is strategically located to serve underserved populations and is operated by a market-leading provider of value-based primary care. The operating practice was acquired by VillageMD in 2021, and VillageMD Arizona was subsequently acquired by Revere Medical in January 2026.
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- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Medical
Building Size
6,054 SF
Building Class
C
Year Built/Renovated
2000/2020
Price
$3,500,000
Price Per SF
$578.13
Cap Rate
6.27%
NOI
$219,569
Tenancy
Single
Building Height
1 Story
Typical Floor Size
6,054 SF
Building FAR
0.10
Lot Size
1.45 AC
Zoning
CB-2 Apache Junction - General Commercial
Parking
60 Spaces (9.91 Spaces per 1,000 SF Leased)
Fairly walkable
40/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 101-14-001V | Improvements Assessment | $702,226 |
| Land Assessment | $189,486 | Total Assessment | $891,712 |
Property Taxes
Parcel Number
101-14-001V
Land Assessment
$189,486
Improvements Assessment
$702,226
Total Assessment
$891,712
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